It's a question that has perplexed lenders for some time: How can people in developing nations go crazy with credit cards when merchants won't take plastic? Now Cisco, Sun, and Visa think they have an answer: universal commerce. U-commerce calls for card readers on just about every wireless device imaginable. The readers are making their way into developing nations in the Far East and Indian subcontinent, where cell networks are surpassing hardwired grids. It seems to be working: Visa International's retail volume and applicant base in India grew by more than 50 percent last year. At least the calls to customer service centers won't be long distance.
- Ken Taylor
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